Saleh: The Power of gold reserves in Iraq positively reflected on the Iraqi currency strength

[yota691]

Saleh: The Power of gold reserves in Iraq positively reflected on the Iraqi currency strength

By Adminsa 13.01.2015 12:50 | Views: 30

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Brother - Baghdad

Economic Adviser to the Prime Minister revealed the appearance of Mohammed Saleh, said that the CBI recently bought 36 tons of pure gold bullion.

Saleh said in a statement seen by the Agency for News Agency (et) that "the strength of the gold reserves in the country positively reflected on the Iraqi currency strength and reduce the risk ratio in the economy calls for higher gold reserves in the bank and supporting confidence Almschtmaren foreigners in Iraqi currency and invest in the country." , following "The decline in global oil prices will undermine the chances increase gold reserves."

 He added that "the Iraqi economy is still fragile despite the large size of the gold reserves and poor financial policy of the government caused the gap with the monetary policy of the Central Bank."

 On the other hand goes on the Kurdistan region in the footsteps of Baghdad where to go to buy tons of Kurdistan imported during last year's 77 tons of gold, despite the financial situation there.

 

He said, Bakr Aziz, director of quality control of the gold that "this amount was introduced to the region from different ports across Erbil Airport 31 tons and 760 kg in income across Sulaymaniyah Airport 44 tons and 630 kg," stressing that "there is a decline in imports of gold quantity Compared with 2013, amounting to imported in quantities of 116 tonnes this year due to the decline of import to the financial crisis and the war with Daash. "

 

Baghdad and Erbil Atsabakan to increase Aanaatehma of pure gold and supporting investor confidence

BAGHDAD - Iraq Press - January 13: Economic Adviser to the Prime Minister, the appearance of Mohammed Saleh, the Iraqi Central Bank revealed recently bought 36 tons of pure gold bullion.

 

Saleh said L / Iraq Press / "The strength of the gold reserves in the country positively reflected on the Iraqi currency strength and reduce the proportion of risks in the economy calls for higher gold reserves in the bank and support Almschtmaren foreigners in Iraqi currency and investment confidence in the country," following up "The decline in prices global oil undermine opportunities to increase the reserve of gold. "

 

 He added that "the Iraqi economy is still fragile despite the large size of the gold reserves and poor financial policy of the government caused the gap with the monetary policy of the Central Bank."

 

 On the other hand, the province walked in the footsteps of Baghdad where to go to buy tons of Kurdistan imported during last year's 77 tons of gold, despite the financial situation there.

 

He said, Bakr Aziz, director of quality control on gold's / Iraq Press / "This quantity was introduced to the region from different ports across Erbil Airport 31 tons and 760 kg in income across Sulaymaniyah Airport 44 tons and 630 kg," stressing that "there is a decline in the imported quantity of gold, compared with 2013, with total quantities imported in the year 116 tons due to the decline of import to the financial crisis and the war with Daash. " Ended a., H 

Read more: http://dinarvets.com/forums/index.php?/topic/194423-baghdad-and-erbil-atsabakan-to-increase-aanaatehma-of-pure-gold-and-supporting-investor-confidence/#ixzz3OhCMMmdx

[moneysoon]

Thanks Yota!

 

This is Good you guys!

[sandfly]

THANKS

[Markinsa]

I knew it! These two Kurdistan Banks were mentioned in the Financial Statements of the CBI.  The Financial Statements for these two banks have not been Audited and were not included in the CBI's Financial Statements even though they are part of the Central Bank.  Add 77 Tons of Gold to the CBI's Reserves plus whatever Foreign Currency and other Cash they have and that makes for a strong basis for the Dinar.

 

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[chinadawg]

the fat lady is starting to tune up !!!!!!!!!

[DiNaR DoCtOr]

I knew it! These two Kurdistan Banks were mentioned in the Financial Statements of the CBI. The Financial Statements for these two banks have not been Audited and were not included in the CBI's Financial Statements even though they are part of the Central Bank. Add 77 Tons of Gold to the CBI's Reserves plus whatever Foreign Currency and other Cash they have and that makes for a strong basis for the Dinar.

-

I have been saying this for years, but unfortunately I am in the moderator queue do no on reads my posts regarding what's called "qualified" financial statements. What happens if your financial statements show all liabilities (money in circulation) and what is likely to be less than half of the assets? Now what happens if you more than double the assets against the same level of liabilities? Yeah baby!!! Tine to adjust the value based on a stronger balance sheet and improved political situation. The unknown is just how much the value changes, 10% (huge by most FX standards), 100% or more. Wait and see I guess, but what do I know ;-)

[tigergorzow]

Yota Thanks, Iraq is slowly showing us what is hidden behind the mystery curtain.

[SocalDinar]

Thanks Yota,

When Central Banks start buying unusually large amounts of gold their is usually something up. I always suspect the Fed is up to something. I always liked  the conspiracy angle of this game.

 

We should keep an eye out for a better translation to clarify what Saleh is saying here but it sure sounds good.

[dontlop]

Price of gold is 35 million a ton so do the math

100 tons is equal to 3.5 billion dollars

[dontlop]

A metric ton of tonne weighs about 10% more than a ton

Or about 39 million dollars a tonne

So close to 4 billion dollars per 100 tonne

It's no where near a trillion dollars worth

[dontlop]

If iraq had 10,000 tonnes of gold that would help out a lot

They got a hundred in the cbi which is the only thing that matters

[drj]

the fat lady is starting to tune up !!!!!!!!!

 

I am with you, chinadawg!

[Laid Back]

Increase the exchange rate, to give real strength .!!!

Expecting BIG changes in January 2015

Go Baghdad

Go Kurds

Go CBI

Go Gold reserves

Go Dinar

Go Strong $1.13:1

[yota691]

add this...The dollar's decline lifted gold to the highest level in a month

 

13-01-2015 04:11 PM

 

Free -

Gold rose on Monday to its highest level in a month, due to the weakness of the dollar and the further decline in oil prices, which encouraged demand for the precious metal as a safe haven. The dollar came down after a surprise drop in US wages. Enhanced data speculation should not rush to the Federal Reserve (the US central bank) to raise interest rates, which may help gold is generating bank interest rates. In the meantime, stand in world oil prices at their lowest level since April 2009. said James Steel, analyst at HSBC: ' in normal circumstances be a drop in oil prices negatively for gold, but the long-term declines for the price of oil may stoke fears that upsets continued losses stability and financial economies of Petroleum Exporting markets .. This creates a demand for gold as a safe haven. " At 07:45 GMT, the price rose Gold for immediate 0.4 percent to $ 1227.20 an ounce (an ounce), having climbed to $ 1231, marking the strongest level since 11 December and was the metal rose nearly one percent on Friday to cut the losses wave lasted three weeks. Silver surged 0.55 percent to $ 16.58 an ounce. Platinum rose 0.5 percent to $ 1231.25 and palladium 0.2 percent, to hit US $ 801.75 an ounce. 

[bigwave]

If iraq had 10,000 tonnes of gold that would help out a lot

They got a hundred in the cbi which is the only thing that matters

dontlop - (or anyone else)

 

Question - If Iraq is going fiat with their currency wouldn't that help with a potential RV?

[tankdude]

Price of gold is 35 million a ton so do the math

100 tons is equal to 3.5 billion dollars

OK - lets do the math and show our work.... *lol*

 

So - for the recently bought gold that appears to be in short ton (2,000 lbs Avoirdupois) contains 29,166.67 Troy ounces

 

29,166.67 * 36 = 10,50,000.12 ounces

 

Gold spot (as of 5:30 PM on the New York Gold Spot) is $1230.90

 

$1,230.90 * 10,50,000.12 = $1,292,445,147.71

 

So now lets look at the 116 metric tonnes

 

1 tonne = 32,151 Troy ounces

 

116 * 32,151= 3,729,516 Troy ounces

 

3,729,516 * $1,230.90 = $4,590,661,244.40

[dontlop]

Ya about 4 and a half billion

The kurds owning gold doesn't mean it's cbi reserve gold

I was surprised to see the kurds buying gold last year being they were cut out of the budget

I wonder how much gold is in the USA private sector outside of the treasury reserves

dontlop - (or anyone else)

 

Question - If Iraq is going fiat with their currency wouldn't that help with a potential RV?

Ya all their assets add to it

I wish they could use future oil sales in their national account

They could definatly show years of oil contracts with China and India

That's 30% of the worlds population

Edited January 13, 2015 by dontlop

[Markinsa]

Ya about 4 and a half billion

The kurds owning gold doesn't mean it's cbi reserve gold

I was surprised to see the kurds buying gold last year being they were cut out of the budget

 

 

 

 

In the 2013 Financial Statements of the CBI, the auditors left a note in its Qualified Opinion:

 

Emphasis of a Matter

 

As further explained in note (1) to the financial statements, currently the CBI does not control financial and administrative affairs of its Erbil and Sulaimaniyah branches, as these branches are technically related to CBI, while for all other matters they are related to Kurdistan Regional Government (KRG) and their operations are financed by KRG.  In addition, the CBI did not receive financial statements of its branches in Sulaimaniyah and Erbil and does not have access to their accounting records.  Therefore, the accompanying financial statements do not include the financial statements of Sulaimaniyah and Erbil branches.  The CBI does not have any information to quantity the significance of the branches financial statements and its effect on the CBI’s financial statements as at 31 December 2013.

 

[dontlop]

Heres a tonne of gold calculator

Just add how many tonnes in the box

http://onlygold.com/m/Prices/ValueOfGold.asp

I don't believe the Kurds maintain gold reserves in the central bank of Iraq to back the dinar exchange rate

Edited January 13, 2015 by dontlop

[Markinsa]

Heres a tonne of gold calculator

Just add how many tonnes in the box

http://onlygold.com/m/Prices/ValueOfGold.asp

I don't believe the Kurds maintain gold reserves in the central bank of Iraq to back the dinar exchange rate

 

They currently don't.  The gold is located in the Kurd's banks, but technically this gold should be included in the CBI's Gold Reserves.

 

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[dontlop]

But it could be

Business

Where is Kurdistan’s Gold? Ask Baghdad

12/7/2014

According to gold prices in Iraq and on international markets, the Kurdistan Region’s share of the gold in Baghdad amounts to nearly $224 million.

According to gold prices in Iraq and on international markets, the Kurdistan Region’s share of the gold in Baghdad amounts to nearly $224 million.

By Muhamad Hadi

ERBIL, Kurdistan Region – The Kurdistan Regional Government (KRG) owns more than five tons of gold, which could help relieve some of the financial crunch that Erbil is experiencing. But the problem is, it’s in Baghdad.

Adham Khurshid, manager of the Kurdistan Region’s Central Bank, explained that only the Central Bank of Iraq had been given the authority to buy or sell and store gold. Of the 31 tons of gold stored in Baghdad, the KRG owned 17 percent, he said.

“The Kurdistan Region owns 17 percent of the total gold and financial assets of the Iraqi Central Bank,” said Khurshid, meaning the Kurds own 5.27 tons of the reserve gold in Baghdad.

Constitutionally, Erbil has a 17 percent share of the national budget, but the Kurds have complained that Baghdad had always skimped on paying the full amount, until a total freeze earlier this year that infuriated the Kurds and strengthened their resolve for independence.

According to gold prices in Iraq and on international markets, the Kurdistan Region’s share of the gold in Baghdad amounts to nearly $224 million.

If the KRG had been able to store gold, the reserves could have gone some way in relieving the embargo imposed by Baghdad against Erbil, which has brought on a crisis.

Legally, the Kurdistan Region also has a share in the Iraqi Central Bank’s cash reserve, whose total is estimated at $60 million.

There may be no gold at Kurdistan’s main bank, but there is still plenty of gold in Kurdistan – three times more than the Iraqi Central Bank’s total by some estimates.

Qaraman Jawhar, chairman of the goldsmith’s guild in Kurdistan, said the Kurdish market was also rich with Gold. “There are around 30 tons of gold in the Kurdish market,” nearly as much as the total holdings of Baghdad. “There are more than 1,400 gold trading permits issued in the provinces of the Kurdistan Region,” he added.

Economist Muhammad Rauf explained that, “During local or international economic crises many countries tend to purchase gold because, unlike cash, gold retains its value.”

http://rudaw.net/english/business/12072014

[TennesseeCherokee]

[yota691]

Gold near its highest price in 4 months

 

 

         

1/21/2015 0:00 

 SINGAPORE Reuters 

gold near settled highest level in four months on Tuesday, supported by its status as a safe haven while the disorder prevails in the markets amid uncertainty over the European and global economies. 

awaited dealers ECB meeting next Thursday, which may result in the release of stimulus program through buy bonds. 

and exacerbated concern in the market before the Greece elections next Sunday, as polls indicate progress Syriza party, which opposes Greece's bailout program. And settled in the spot gold trading at $ 1277.10 an ounce (an ounce) yellow metal to the highest level since September jumped / September when the record of $ 1281.50 on Friday. 

The silver went up 0.11 percent to $ 17.67. And platinum rose 0.19 percent to $ 1260.24 an ounce and palladium rose 1.03 percent to $ 761.7.

[Tacman]

I love it!  It's the celebration of the mathematicians!  I can feel the excitement on this Thread!  

 

Let the RV begin!  Go Abadi!

 

My hats off to you Yota!   Thanks again for all of your hard work!

[wildeman]

Thanks.